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Greece comes to the........>

EUROZONE T-BILL ISSUANCE
EUROZONE T-BILL ISSUANCE: Greece comes to the Eurozone T-bill issuance market
Wednesday with launch of a new 13-week Mar 9, 2018 T-bill for E1.0bln and new
26-week Jun 8, 2018 T-bill for E1.25bln. Issuance is now estimated to total
E17bln versus E11.49bln issued last week.
- RECAP: To recap issuance so far this week, on Monday the Netherlands allotted
E1.32bln of a 6 month DTC. In the afternoon France allotted E599mln of a 2-month
BTF, E3.398bln of a new 3-month BTF, E1.4bln tap of a 6-month BTF and E940mln
tap of a 12-month BTF. On Tuesday Spain allotted E935mln in a 6-month Letra and
E3.666bln in a new 12-month Letra. Belgium allotted E505mln in re-opening of
3-month TC and E480mln of a 6-month TC. The ESM then allotted E1.498bln in a new
3-month Bill.
- REINVESTMENT FLOWS: T-bill redemptions this week are due from France
E8.412bln, Greece E3.6bln, Spain E7.466bln and ESM E1.498bln, turning net cash
flow negative to the tune of E4bln vs -E4.34bln last week.

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